Weekly petroleum inventories
- Record one-week rise
- Prior week was 13833K
- Gasoline +10497K vs +5550K exp
- Gasoline demand lowest in weekly data ever (since 1980)
- Distillates +476K vs +1500K
- Refinery utilization -6.7% vs -2.15% exp
- Cushing +6417K
- Production 12.4 mbpd vs 13.0 mbpd prior
- Implied demand 14.446 vs 21.86 mbpd
That's a lot of oil going into storage in two weeks and Saudi cargoes are just starting to land. The implied demand number is important because it shows we're at about 66% of normal. If you expand that globally, it puts total demand at 68 mbpd compared to 104 mbpd normally, which is 35 mbpd of missing demand.
API numbers from late yesterday:
- Crude: +11,938K
- Gasoline: +9445K
- Distillates: -177K
- Cushing: 6804K
Despite all of this, crude is a bit higher following the numbers and is now testing the $25.29 session high.
